Published on 11/29/2012 in the Prospect News Municipals Daily.
New Issue: Miami-Dade sells $118.06 million revenue bonds for University of Miami
By Sheri Kasprzak
New York, Nov. 29 - The Miami-Dade County Educational Facilities Authority sold $118,055,000 of series 2012 revenue bonds for the University of Miami, according to a term sheet.
The bonds (A3/A-/) were sold through Morgan Stanley & Co. LLC.
The deal included $92.79 million of series 2012A tax-exempt bonds and $25,265,000 of series 2012B taxable bonds.
The 2012A bonds are due 2024 to 2032 with term bonds due in 2037 and 2042. The serial coupons range from 4% to 5%. The 2037 bonds have a 4% coupon priced at 103.065 and the 2042 bonds have a 5% coupon priced at 114.835.
The 2012B bonds are due 2014 to 2023 with 1.06% to 3.308% coupons, all priced at par.
Proceeds will be used to finance the construction, renovation, improvement and equipment of University of Miami facilities.
| Issuer: | Miami-Dade County Educational Facilities Authority/University of Miami
|
| Issue: | Series 2012 revenue bonds
|
| Amount: | $118,055,000
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. LLC (lead), Bank of America Merrill Lynch, Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, Ramirez & Co. Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Rating: | Moody's: A3
|
| Standard & Poor's: A-
|
| Pricing date: | Nov. 29
|
| Settlement date: | Dec. 12
|
|
|
| $92.79 million series 2012A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,145,000 | 2024 | Serial | 5% | 122.579
|
| $3,305,000 | 2025 | Serial | 5% | 121.364
|
| $3.47 million | 2026 | Serial | 5% | 120.661
|
| $3,645,000 | 2027 | Serial | 5% | 120.063
|
| $3,825,000 | 2028 | Serial | 5% | 119.468
|
| $4,015,000 | 2029 | Serial | 5% | 118.877
|
| $4,215,000 | 2030 | Serial | 5% | 118.289
|
| $4.43 million | 2031 | Serial | 4% | 106.337
|
| $4,605,000 | 2032 | Serial | 4% | 105.798
|
| $25.94 million | 2037 | Term | 4% | 103.065
|
| $32,195,000 | 2042 | Term | 5% | 114.835
|
|
|
| $25,265,000 series 2012B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.5 million | 2014 | Serial | 1.06% | 100
|
| $2,525,000 | 2015 | Serial | 1.293% | 100
|
| $2,555,000 | 2016 | Serial | 1.58% | 100
|
| $2,595,000 | 2017 | Serial | 1.83% | 100
|
| $2,645,000 | 2018 | Serial | 2.189% | 100
|
| $2.7 million | 2019 | Serial | 2.439% | 100
|
| $2.77 million | 2020 | Serial | 2.758% | 100
|
| $2,845,000 | 2021 | Serial | 2.958% | 100
|
| $2,925,000 | 2022 | Serial | 3.158% | 100
|
| $1,205,000 | 2023 | Serial | 3.308% | 100
|
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